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Cal Ripken slashes price on Md. estate by millions
WTOP 2017 WTOP. All Rights Reserved. Topics: Baltimore, MD News Business & Finance cal ripken cal ripken home jeff clabaugh Latest News Local News Maryland News Real Estate News · Home » Latest News » Business & Finance » Cal Ripken slashes price … |
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So, why does Mickey only have three fingers and a thumb?
Disney said that this was both an artistic and financial decision, explaining “Artistically five digits are too many for a mouse. His hand would look like a bunch of bananas. Financially, not having an extra finger in each of 45,000 drawings that make up a six and one-half minute short has saved the Studio millions.”
Little things, done over and over, add up. True in every industry, including animation.
And including our business.
Great video right? It was raining, it was cold and it was windy. None of which was going to stop us from getting it done.
We all know that if we wait for the sun to come out, things might not get done. Ideal conditions for this video? Certainly not. Just do it. No excuses.
Let me tell you, when you end the day with a long list of things you accomplished, it’s a good thing. It’s a much better feeling than procrastinating and putting things off until tomorrow. Right?
At WREIA this month we are going to talk about the Three Things you can focus on to make an additional 75k (or more) by the end of the year.
It doesn’t matter where you are in your career. Making 75k over the next 7 months is very, very doable.
Don’t get distracted by too many vacations. You can let months slip away and the year will be gone before you know it.
The sun might not come out for a few days. Don’t get discouraged. Focus and get your next step done today. Just keep moving.
Don’t let your lack of knowledge get in the way. Sometimes the best way forward is just blindly taking the first step. If you hit a wall, start looking for a door, or a window, or do whatever you have to do to keep going. (Lack of knowledge is the silliest excuse possible in 2017.)
If there is anything I’ve learned in this business it’s this – Nature rewards action. If you have questions. Ask. I’m right here.
Don’t make excuses for why you can’t make it to WREIA this month. We are all busy. Unless you protect your time, and block off two hours to be with other successful investors each month, you will find something else to do. Someone or some thing will come in and steal your “You” time from you.
Block off Monday evening – May 8th – right now. Plan to be with us. Reserve your seat at this link.
Get focused and get moving.
Let’s make 2017 a great year for you and your business!
John
P.S. So what does WREIA have to do with Mickey Mouse hands? Did you miss it? Little things, like procrastinating, making excuses or missing WREIA once or twice, start to add up.
Discipline yourself to invest in time for yourself. How many other places can you go in the DC area where you will surround yourself with other investors who will genuinely want you to succeed and applaud you for your success?
Realtor.com News |
Ravens Legend Ray Lewis Selling 28-Acre Maryland Estate for $2.95M
Realtor.com News NFL great Ray Lewis, who starred on defense for the Baltimore Ravens over 17 seasons en route to a pair of Super Bowl titles, has put his estate in Reisterstown, MD, up for sale. The property, which the legendary linebacker bought in 2003 for $1,950 … |
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Realtor.com News |
CNN Anchor Jake Tapper Sells Washington, DC, Home for $1.4M
Realtor.com News CNN anchor Jake Tapper has parted ways with his four-bedroom house on a private cul-de-sac in Washington, DC, selling the clapboard home for $1.4 million, according to the Washington Post. Tapper and his wife, Jennifer, bought the home in the … |
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Wondering why most investors are having trouble finding properties to fix and flip?
Competition? Sure.
But look a little closer.
Look a little closer still.
We are both competing against the banks/hedge funds and private companies.
But the banks are selling properties. How are we competing against them?
Because they are not leaving anything on the table for us as rehabbers to make money when we renovate and flip a property.
Let me explain. It might help to take a quick peek at the foreclosure page we have posted on our WREIA site.
The numbers don’t lie – but they will creep up on you.
The abundance of distressed properties in some form of foreclosure are in the low to middle price range. 100-200k is common across the country. In our area it skews slightly higher.
But here is something interesting. Retail home prices across the country are dropping – slightly. But the prices the banks are getting from distressed sales are steady.
So – who is getting squeezed here? You the investor!
When you have a tighter margin to deal with, combined with falling prices – watch out – someone is about to get burned. Don’t let it be you.
History tells me the banks will make out fine. Especially if we let them get away with this nonsense of pricing the distressed homes too high, especially with their marginal renovations.
It’s especially tempting for us here in the DC area. MD is near the top of the nationwide leader-board when it comes to foreclosures.
So what can you do to protect yourself?
1. Don’t think it’s a deal just because it’s a foreclosure. Most of the margin has been squeezed out for investors. (Your mileage may vary.)
2. Be careful if you are investing in these heavy foreclosure areas. Know the inventory. When banks dump these properties on the retail market, prices drop. Economics 101.
3. Be smart and don’t over-renovate. I see new investors putting tons of upgrades into homes in neighborhoods where the bank inventory is their competition. For the first time home buyer if they can save 50k and buy a bank renovated property with new paint and carpet only – they will be happy.
Lastly – put a good team together. People that know the local markets. Odds are pretty good that a “mentor” from a high priced coaching system sitting at a desk in Ohio or Utah doesn’t know the difference between Capitol Heights and Capitol Hill. They certainly are going to have a hard time helping you on a street level basis.
Our guest speaker at WREIA this Monday night knows the local market. She is a mortgage pro at a local bank and has been an investor as well for a number of years.
Some of us think of business as going into war. Every day you face an enemy. As Sun Tzu points out – you need to know your enemy and know yourself.
If you need help understanding the money end of this business, and how specific mortgages can help sell your properties faster – join us Monday at WREIA. Your going to learn or be reminded of a few things.
It’s not 2007 any more and some of us need a refresher to fully understand the 2017 market. Knowledge is power in this business. Sun Tzu would agree.
It helps tremendously to have a local mortgage pro on your team who understands mortgages but also knows what it’s like to be an investor in the DC area.
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In 2016 we saw an increase in “Sale Fails” here in the DC area.
In other words, “Back on the market we go!” And nobody likes that.
It’s hard to explain, but it feels like you are quietly telling that world “The last buyer thought my baby was ugly.”
It wasn’t too bad here locally. Be glad you don’t live in Ventura, CA. They led the country with close to 12% of their sales failing.
Imagine, 12% of the market in Ventura is suffering from “Ugly Baby” drama.
Here in DC we had about 4% of our properties go back on the market.
The next logical question – Why do they fail?
Mortgages, Appraisals and Inspections are responsible for the vast majority.
So this month at WREIA we are going to focus on Mortgages.
Specifically, lets bring in a mortgage pro who understands the DC area. She works for a local bank.
When you are dealing with banks local and regional banks are the best – in my opinion. They are big enough to have a team of people that are able to close, but still small enough that your contacts are local. Their knowledge of the area runs deep.
How do you know they buyer who just signed off to buy your property is qualified? What steps have you taken that will help you sleep better at night?
96 out of the top 100 metro areas across the country had an increase in failed sales. Nationally, we nearly doubled the rate of 2015. Locally, we just had a slight uptick.
Unlike the problems of 2007-2008 our mortgage market is actually performing pretty well. This is good news. No one wants to live through that drama again.
Don’t panic. An uptick in relistings is just a sign of a balancing market. If you renovate a home correctly, price the home well and have a well qualified buyer under contract – it should be smooth “sailing” to the close.
Putting a good team together – so that everyone gets to the closing table – should be a high priority as an investor. Maybe the highest.
It helps tremendously to have a local mortgage pro on your team who understands what it’s like to be an investor in the DC area.
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